|
WASHINGTON (AP) - Many public companies are putting dramatically lower expenses on their books for stock options awarded their executives than what they are reporting to the IRS under two differing sets of rules, Senate investigators have found.
Sen. Carl Levin, D-Mich., said Monday he is proposing that the multibillion-dollar discrepancy be resolved in legislation requiring uniform regulations.
"The differences are huge," Levin said in a conference call with reporters. Companies usually favor a much larger tax deduction for stock option grants under Internal Revenue Service rules and report a small fraction of those amounts to shareholders in financial statements, he said.
|